IFC, Africa Capitalization Fund Investment Supports Growth and Access to Finance in Nigeria (Sub-Saharan Africa)

Source: International Finance Corporation

International Finance Corporation (IFC) has announced that it will provide a US$70 million convertible loan to Nigerian commercial bank, Diamond Bank, in partnership with the Africa Capitalization Fund, a private equity fund managed by IFC Asset Management Company. Diamond Bank will use the loan to expand its lending program and provide financial services to underserved market segments.